Singapore Customs warns of penalties for undervalued imports

Singapore Customs has issued a warning regarding the undervaluation of imported goods, specifically targeting seafood, fruits, and vegetables. Recent audits and targeted analyses revealed that approximately 1.4 million SGD in Goods and Services Tax (GST) was missed over a three-year period due to inaccurate declarations.

Under the Singapore Customs Act, individuals found guilty of inaccurate declarations face penalties of up to 10,000 SGD, or an amount equivalent to the unpaid tax and GST (whichever is higher), and/or imprisonment for up to 12 months. Authorities have advised merchants and customs agents to ensure all information on import permits is accurate and complete.

The Vietnam Trade Office in Singapore has advised Vietnamese exporters to coordinate closely with their Singaporean importers to ensure goods are declared at their actual transaction value. Businesses are encouraged to review past transactions for potential tax discrepancies and are recommended to make voluntary disclosures to Singapore Customs if errors are identified.